The Federal Government has threatened to punish commercial banks who disobeyed the order to stop the massive sack of staff – by withdrawing their operating license or imposing other sanctions.
The Minister of Labour and Employment, Chris Ngige made this threat on Tuesday, while speaking to Nigerian journalists at the ongoing 105th session of the International Labour Congress, ILC, in Geneva, Switzerland.
The threat made by the minister was subsequent to Skye Bank’s dismissal of hundreds of its members of staff despite the directive by the Federal Government against the sack.
Skye Bank is not the only commercial bank that has dismissed workers in recent times over the continuous descent of the Nigerian economy.
Speaking on the threat made by the Minister, former aide to ex-president Goodluck Jonathan, Reno Omokri questioned the wisdom of the Federal Government in withdrawing the operating license of banks that have thousands in their employ – who would ultimately be rendered jobless.
Speaking through his Twitter handle, Reno said, “You say you don’t want banks to sack and you threaten to revoke their license! What happens if you withdraw licenses? Is it not mass sacking?”
He continued, “The same FG ordering banks not to sack is itself downsizing immigration/prisons. Isn’t this hypocrisy? We too ‘order’ FG to fix the economy.”
“If a bank with 20,000 staff sacks 200 workers & you withdraw its license, what happens to the 19,800 remaining staff? Kobo wise, Naira foolish.”
Looking at the cause of the downturn in fortunes for the banking sector, Reno reckons that the fault lies with the Federal Government for not easing into the implementation of the Treasury Single Account (TSA) as designed by Goodluck Jonathan when he was president.
He blamed the government for the abrupt and immediate activation of TSA which saw 15% of funds pulled out from Nigerian banks.
He said, “You pulled 15% of the funds from banks to Central Bank of Nigeria in the name of TSA, then employed your kids at CBN, now you are ordering banks not to sack.”